A compliance audit consists of determining the criteria to apply, testing controls and reporting non-compliance. An independent assurance report can be issued for submission to regulators.
Related terms
Compliance programmeThe full set of policies, procedures, controls, training and monitoring activities an organisation puts in place to ensure compliance with laws and internal policies.Assurance engagementAn engagement providing assurance, against specified criteria, on a subject matter other than an audit or review of historical financial information.Compliance officerThe authorised person responsible for running the compliance programme for the prevention of money laundering and terrorist financing at an obliged entity.COSOThe organisation that publishes the most widely accepted frameworks for internal control and enterprise risk management, and the general name for those frameworks.Data controllerThe natural or legal person who determines the purposes and means of processing personal data and is responsible for establishing and managing the data filing system.Enterprise risk management (ERM)The process of identifying, assessing, managing and monitoring, in an integrated way, the risks that could affect an organisation's achievement of its objectives.
Last updated: October 22, 2026 · This definition is for general information only.